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under $100,000 euros taxed 3% while savers over half a million will see the levy kred to 10%. those above the threshold pay 9.9% tax. the total revenue raised is expected to hold just shy of 6 billion euros. the rescue package is slated to begin today around 1500 cet. in the meantime, we're getting comment out of russia. seen as perhaps the targeted party here, i should say, with regard to some of the deposit taxes that are being pushed through on cipriot banks. for example, putin via spokesman has apparently called the levy, if approved, unfair, unprofessional and dangerous. european markets are in the red across the board as we've seen today. the ftse 100 down almost 1% and the xetra dax better than 1%. the ibex 35 is down 2%, roughly the same amount for the ftse mib. we can tell you that spanish and italian bonds have risen both on banks and for some of the periphery, showing pressure, as well. here is a look at some european banks. a mix there. on the left, you can see spain. banco santander down almost 4% some some cases. unicredit down almost 5%. moving to the french banks, cr
a bank deposit tax. sterling is trading lower as they get ready to set out this year's budget expecting to redirect spending to revive growth and deutsche bank lowers its earnings due to mortgage related lawsuits and/ regulator investigations. >>> plenty still happening as we follow the cyprus story for you and explore just what it means for investors across europe and around the world because the market reaction has been relatively muted if you consider the extraordinary nature of these events. cyprus' president is meeting with party leaders this morning after lawmakers last night unanimously rejected a proposed tax on bank deposits. this was crucial to unlocking a $10 billion bailout. the house speaker said the decision had been made for all europeans. >> this decision of the house of the republic of cyprus is protecting all the people of the countries of the european union and this is the main message i want to send tonight to all european citizens. >> now meanwhile cyprus' finance minister is appealing to moscow for help fresh from his talks with his counterpart this morning. discus
. the cypriot government says the country's parliament is unlikely to pass legislation which would impose a tax on bank deposits. lawmakers are set to meet and vote on the levy which has been set on a condition of the eu bailout. meanwhi meanwhile, the german finance minister has rushed to the defense of a highly unpopular tax. the move was necessary to keep cyprus from sharing in the burden of a eu bailout. and uncertainty over the outcome of the vote in nicosia continues to weigh on markets. cyprus said its stock exchange will trading until thursday. cypriot banks have been placed on negative watch. carolin roth is reporting now for us. the latest we're hearing is that the vote may not happen today. what can you tell us? >> absolutely. there are a lot of moving parts still, kelly. this is a very fluid situation. the vote is scheduled to happen at 6:00 p.m. local time. there has been no official cancellation on part of the government. but, again, a government spokesperson at the same time also saying that it's very unlikely at this point that the vote will actually go through. that is, of cour
and, of course, old ideas are being revived, the idea of a depositit tax is coming back to the table. but we know, of course, just how unpopular that was. kelly. >> exactly. we seem to be almost back to where we started. carolin, thank you so much for that. carolin and steven both following these developments for us. >>> let's check on market reaction in asia. there's plenty going on in the world aside from cyprus. li sixuan joins us with the latest. eye, sixuan. >> thank you, kelly. markets in asia ending on a mixed note. there are lingering concerns over cyprus and north korean threats. political uncertainty in australia add add pressure on the markets. the asx 200 closed down 0.2% amid julia gillard's leadership. the main data point today was hsbc china flash pmi data for march, showing a rebound in the country's manufacturing activity. with concern, financial sector risks, housing bubbles and inflation, beijing may need to compromise growth to control medium term risks. the shanghai composite eked out a modest gain of 0.3%. in hong kong, the hang seng ended marginally lower ahead
's a tax. so theoretically, authorities have the authority to actually collect taxes on whatever. except it is being perceived as an ex appropriation of the savings. so -- but this is cypriot. this is a cyprus problem. don't extend it to the euro. the euro is not in danger because of what's happening in cyprus. nothing is going to happen to the financial system of the world because of what's happening in cyprus. we haven't had very enlightened series of decisions. since greece. and then we've bumbled a little bit, we've tumbled and is bumbled with spain and italy and now this cypriot thing is going to need a better design. >> so what is the design? what's the reasonable solution? >> well, one of the things is you don't have to affect the people who are below a certain threshold. now they're thinking about 20,000 or 50,000, whatever the threshold is. the conventional threshold used to be 100,000, but it doesn't have to be the case. the question is here. you really have to, you know, critters of the financial system have to take losses. you cannot make it a point. and this is the biggest m
people and middle class people that use cyprus because of the rule of law, common law, the double tax treaties we have. it's a mistake to think that it is a very special class, of very rich people. these russians have their lawyers, their accountants, many of them have their families living in cyprus. they have their friends. we have a relationship that can with stand a shock like this. >> bearing that in mind, are the banks going to open on tuesday morning? >> i cannot say that. i cannot say that. it's always a mistake to say something like this when you are not completely sure. there is a lot of work to be done. but they will open very soon. >> and how long do you intend to use the capital controls? >> that also i cannot answer. but, again, our objective to keep them as limited and as short as possible. >> and finally, you bypassed the democratic process of a parliamentary vote with this field. will you consider tendering your resignation when you get back to cyprus? >> no, no, we did not bypass the poll. we passed a number of laws two nights ago. we have kept party leaders ip forms
Search Results 0 to 5 of about 6